“Ultimately, managing talent well is about driving better business results,” said Mr. Dimmick.
Talent management research has been a hot topic for the last 20 years, since a 1994 study linking talent to performance, productivity and quality. Research from Boston Consulting Group has shown organizations with well-managed employees are also good organizations in which to invest, and a 2013 McKinsey market report hypothesized optimal talent management throughout the entire U.S. economy could increase the GDP by $1.7 trillion.
With between 40 to 50 percent spending concentrated on labor costs, talent management should be a priority at every institution, said Mr. Dimmick. “Talent is both a practice and a process: It’s what we do and how we do it,” he said.
To optimize talent within the healthcare industry, Mr. Dimmick suggested the following 10-step framework.
1. Perform an environmental scan for market structure, competitive threats and economy on a local level. Mr. Dimmick suggested the American Hospital Association’s yearly state-of-the-market report as a valuable resource for environmental information.
2. Discuss business strategies and goals, and align talent management initiatives with these goals. Organizations can narrow talent searches when they fully understand their strategic goals.
3. Engage in workforce planning. Diagnose what the talent need is: how many employees are necessary and the skills they should possess. Also identify mission-critical positions, those upon which strategic goals rest.
4. Invest disproportionately. According to Mr. Dimmick, more important positions demand resources proportional to their roles in achieving goals.
5. Establish a set of talent objectives. Use these objectives as benchmarks for how talent should be attracted, developed, retained and rewarded.
6. Measure talent objectives for each employee. While talent objectives vary by organization, metrics help leaders examine achievements.
7. Create a best-practices talent blueprint. This blueprint of interventions will guide managers in their daily work and help the organization achieve its long-term goals. A good blueprint will include a way to move employees who are struggling either up or out in the organization.
8. Integrate talent with a workforce management system. This system involves identifying what work exists, who will do that work and how that work will get done.
9. Map out timeframes for talent management. Organizations must know how and when to implement various parts of talent integration.
10. Commit to continuous learning and change. The best organizations, according to Mr. Dimmick, reflect on their progress in talent management, learn what works and what doesn’t and make changes when necessary.
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.